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Market Overview:-Market Research Future (MRFR) research analysts predict that the global solar energy and battery storage system market is plying to expand at 8.89% CAGR during the forecast period (2018-2023). Primary drivers that have brought about this growth include volatile fossil fuel price, advancing solar and battery technology and increasing investment in renewable energy. Large number of firms are investing rigorously in research and development activities to improve the energy storage technology and also widen their customer base. Governmental policies and stringent regulations regarding toxic emissions around the globe also lay the solid groundwork for the market, bestowing various opportunities to energy storage companies to easily tap into numerous revenue streams. Furthermore, systems that use solar or battery storage can protect themselves from grid power outages, which renders them energy independent. Hence, rising energy bills shift the consumers’ focus from electrical power to solar energy and battery storage systems. Need to reduce carbons emissions, and growing preference for renewable energy for the benefit of the environment are also impacting the solar energy and battery storage systems market growth positively.
Restraining factors like technical challenges and high capital investments could potentially have a negative impact on the market growth. However, increasing demand from applications like transportation, residential, commercial, and industrial has helped the market gain momentum globally and will continue to do so in the coming years.
Presently, zero energy building is one of the latest trends gaining traction in the solar energy and battery storage market. These buildings make use of natural lighting to reduce power consumption and are economically viable. For instance, a store in Peterborough Screwfix is the first zero energy store in the area. The store is Kingfisher owned and uses a mix of solar panels, solar battery storage, and an air source heat pump.
Top Key Players:-
The key players profiled in the report are LG Chem, Ltd. (South Korea), Samsung SDI Co. Ltd (South Korea), Bengoa S.A. (Spain), BrightSource Energy, Inc. (U.S.), and General Electric Company (U.S.), and others.
Statera Energy recently completed the construction of United Kingdom’s largest grid battery storage facility. The 50 Mega Watts facility includes 150,000 lithium-ion battery cells and 27 inverters. It delivers up to 60 Mega Volt Amp of power and utilizes technology provided by SMA Sunbelt Energy, a Germany based company. This infrastructure expansion establishes Statera Energy as a renewable business and strengthens its position in the market.
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Market Segmentation:-
The global market for solar energy and battery storage system is segmented on the basis of battery type, solar technology, connection type, end-user, and region.
By battery type, the market is segmented on the basis of lead-acid, lithium ion (Li-ion), sodium sulfur, and others. Among these, Li-ion segment holds the maximum share of the market. Li-ion batteries are in high demand during power interruptions owing to their high efficiency and ability to provide better energy to density ratio. This factor proves lucrative for the Li-ion market growth during the forecast period.
The connection types in the market are on-grid and off-grid. The types of solar technology are photovoltaic and thermal. The photovoltaic technology segment is highly favorable due to high demand in developing nations, increasing number of manufacturers developing photovoltaic-based power distribution systems and its low maintenance cost.
The various end-users in the market are utility, industrial & commercial, and residential. The utility segment accounted for the maximum share. The utility solar energy and battery storage system has grown significantly due to modern and innovative technology making an impact. Europe and North America are major contributors to the utility solar energy and battery storage system market, due to innovative vendors, and project developers. Whereas, the residential segment is deemed to escalate tremendously during the forecast period. Rising electricity tariffs and immense demand for residential energy consumption propel this segment growth in the overall market.
Regional Analysis:-
Geographically, the market is segmented on the basis of North America, Europe, Asia Pacific, and Rest of the World.
Among all regions, Europe leads the global solar energy and battery storage system market. Construction of many solar power projects is underway in the region which drives the market growth. The market in Europe is triggered by local subsidies and an active solar and battery storage market. Massive demand has been observed for commercial and industrial energy storage systems along with growth of data centers in the region.
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The Asia Pacific market is anticipated to surge at the highest CAGR during the forecast period. Rising environmental concerns and high population demand more energy are two vital parameters driving the market growth in the region. Among all countries, Japan is contributing massively to the solar energy and battery storage system market. Some of the prominent battery manufacturers for the solar energy storage system are Hitachi, Mitsubishi, NEC, Panasonic, GS Yuasa and Shin-Kobe Electric Machinery for lead-acid batteries; NGK Insulators for sodium-sulfur batteries; and Sumitomo Electric for redox flow batteries.
In tandem with other regions, North America is a major market for global solar energy and battery storage system. Noteworthy drivers are increasing investments in smart solar power plants and the surge in solar capacity and installations in the region. The United States (U.S) is a key revenue generator for the global market. This is due to increasing support of the U.S. government for installation of smart solar projects. Apart from this, few non-profit organizations in the region strive to spread awareness about the benefits of solar energy and battery storage systems through various conferences and exhibitions. The growing number of projects in utility and residential applications will further the market growth in North America in the coming years.
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Website: https://www.marketresearchfuture.com/reports/solar-energy-battery-storage-market-5866
Release ID: 376787
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